Russia is working on a new AWACS.'Izdeliye 476' or 'Object 476'

Russian Air Force will get new aircraft airborne patrol, detection and guidance, which is being developed at the Taganrog Aviation and Technical Complex named after Beriev, reported on June 14 , Interfax , citing an unnamed source in the military-industrial complex.
"To date, nearly completed the documentation," - source said, adding that the first aircraft to be built no earlier than two years.

As assured source of new aircraft will be "significantly exceed" standing on the Russia Air Force A-50 and A-50EI manufactured for supply to India. The first aircraft will be developed on the basis of the Il-76MD, but in future it will replace the new aircraft, while known as "the product 476. The interviewee said that in addition to direct aircraft, "everything else, including the Radio Complex, where the new".

Flying Radar A-50 was first commissioned in 1985. Now armed with the Russian Air Force are 19 such planes. In January 2010 it was reported that India intends to buy from Russia, three A-50EI with the possible purchase of six more, earlier, India has bought three more such planes, two of which have been delivered.

Its like Russian platform with most of flight related electronics plus avionics specially put together and collectively called A-50 married with Israeli EL/M-2075, communication aids and tactical payload, making it A-50EI. A-50 for platform and EI for radar. Phalcon is just popular name just like Hornet is for F/A-18.